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Bristow Group Inc (BRS) SEC Filing 10-K Annual report for the fiscal year ending Friday, March 31, 2017

Bristow Group Inc

CIK: 73887 Ticker: BRS
        

Exhibit 99.1
bristowlogoa09.jpg
News Release

Linda McNeill
Investor Relations
(713) 267-7622
FOR IMMEDIATE RELEASE

Bristow Group Reports Fiscal Fourth Quarter and Full Fiscal Year 2017 Results
Liquidity increased $76 million in the March quarter to $357 million

HOUSTON, May 23, 2017 – Bristow Group Inc. (NYSE: BRS) today reported the following results for the quarter and full fiscal year ended March 31, 2017. All amounts shown are dollar amounts in thousands unless otherwise noted:
 
 
Three Month Period
 
Full Year
 
 
FY2017
 
FY2016
 
% Change
 
FY2017
 
FY2016
 
% Change
Operating revenue
 
$
323,651

 
$
375,268

 
(13.8
)%
 
$
1,347,850

 
$
1,629,547

 
(17.3
)%
Net loss attributable to Bristow Group
 
(78,040
)
 
(25,255
)
 
(209.0
)%
 
(170,536
)
 
(73,940
)
 
(130.6
)%
Diluted loss per share
 
(2.22
)
 
(0.72
)
 
(208.3
)%
 
(4.87
)
 
(2.12
)
 
(129.7
)%
Adjusted EBITDA (1)
 
3,687

 
35,300

 
(89.6
)%
 
71,084

 
205,523

 
(65.4
)%
Adjusted net income (loss) (1)
 
(40,302
)
 
4,716

 
(954.6
)%
 
(74,525
)
 
51,308

 
(245.3
)%
Adjusted diluted earnings (loss) per
share (1)
 
(1.15
)
 
0.13

 
(984.6
)%
 
(2.13
)
 
1.45

 
(246.9
)%
Operating cash flow
 
25,562

 
60,342

 
(57.6
)%
 
10,702

 
116,026

 
(90.8
)%
Capital expenditures
 
15,384

 
29,010

 
(47.0
)%
 
135,110

 
372,375

 
(63.7
)%
Rent expense
 
55,718

 
51,345

 
8.5
 %
 
212,608

 
211,840

 
0.4
 %
 
 
March 31,
 
December 31,
 
March 31,
 
% Change
 
% Change
 
 
2017
 
2016
 
2016
 
Quarter over quarter
 
Year over year
Cash
 
$
96,656

 
$
71,159

 
$
104,310

 
35.8
%
 
(7.3
)%
Undrawn borrowing capacity on Revolving Credit Facility
 
260,320

 
209,420

 
255,420

 
24.3
%
 
1.9
 %
Total liquidity
 
$
356,976

 
$
280,579

 
$
359,730

 
27.2
%
 
(0.8
)%
______________ 
(1) 
A full reconciliation of non-GAAP financial measurements is included at the end of this news release
For the March 2017 quarter, we reported a GAAP net loss of $78.0 million, or diluted loss per share of $2.22, compared to GAAP net loss of $25.3 million, or diluted loss per share of $0.72, for the March 2016 quarter. Additionally, we reported an adjusted net loss of $40.3 million, or adjusted diluted loss per share of $1.15, for the March 2017 quarter compared to adjusted net income of $4.7 million, or adjusted diluted earnings per share of $0.13, for the March 2016 quarter.
BUSINESS AND FINANCIAL UPDATE
The March 2017 quarter results reflect the decrease of our oil and gas operations’ margins due to the continued offshore oil and gas industry downturn with certain contract work ending during the quarter being partially offset by the one-time benefit of $11.1 million from a contract termination payment.
The March 2017 quarter and fiscal year 2017 results were also impacted by costs incurred resulting from the grounding of the Airbus H225 fleet, the impact of the depreciation of the British pound sterling and significant non-cash tax charges; the tax charges did not impact adjusted net loss and adjusted diluted loss per share.
We increased liquidity during the March 2017 quarter by $76.4 million and funded $290.1 million of previously announced financings of which $200 million was used to repay term loan debt, and further reduced capital expenditures and working capital needs; a previously announced executed commitment letter for up to $230 million is currently expected to close no later than June 30, 2017.

1

The following information was filed by Bristow Group Inc (BRS) on Tuesday, May 23, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets Parentheticals
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Comprehensive Loss Parentheticals
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Investment And Redeemable Noncontrolling Interests
Consolidated Statements Of Stockholders' Investment And Redeemable Noncontrolling Interests (parentheticals)
Acquisitions
Acquisitions (details)
Acquisitions (tables)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Debt
Debt (details)
Debt (tables)
Employee Benefit Plans
Employee Benefit Plans (details)
Employee Benefit Plans (sap)
Employee Benefit Plans (tables)
Fair Value Disclosures
Fair Value Disclosures (details)
Fair Value Disclosures (sap)
Fair Value Disclosures (tables)
Operations, Basis Of Presentation And Summary Of Significant Accounting Policies
Operations, Basis Of Presentation And Summary Of Significant Accounting Policies (details)
Operations, Basis Of Presentation And Summary Of Significant Accounting Policies (sap)
Operations, Basis Of Presentation And Summary Of Significant Accounting Policies (tables)
Property And Equipment And Assets Held For Sale
Property And Equipment And Assets Held For Sale (details)
Property And Equipment And Assets Held For Sale (tables)
Quarterly Financial Information (unaudited)
Quarterly Financial Information (unaudited) (details)
Quarterly Financial Information (unaudited) (tables)
Segment Information
Segment Information (details)
Segment Information (tables)
Stockholders' Investment, Earnings Per Share And Accumulated Comprehensive Income (details)
Stockholders' Investment, Earnings Per Share And Accumulated Other Comprehensive Income
Stockholders' Investment, Earnings Per Share And Accumulated Other Comprehensive Income (tables)
Supplemental Condensed Consolidating Financial Information
Supplemental Condensed Consolidating Financial Information (tables)
Supplemental Condensed Consolidating Financial Information Bs (details)
Supplemental Condensed Consolidating Financial Information Cf (details)
Supplemental Condensed Consolidating Financial Information Is (details)
Supplemental Condensed Consolidating Financial Information Oci (details)
Taxes
Taxes (details)
Taxes (tables)
Variable Interest Entities And Other Investments In Significant Affiliates
Variable Interest Entities And Other Investments In Significant Affiliates (details)
Variable Interest Entities And Other Investments In Significant Affiliates (sap)
Variable Interest Entities And Other Investments In Significant Affiliates (tables)
Ticker: BRS
CIK: 73887
Form Type: 10-K Annual Report
Accession Number: 0000073887-17-000010
Submitted to the SEC: Tue May 23 2017 5:08:19 PM EST
Accepted by the SEC: Tue May 23 2017
Period: Friday, March 31, 2017
Industry: Air Transportation Nonscheduled

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